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How do I update my accounting codes on posted invoices for the past year?

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Zuora Staff

How do I update my accounting codes on posted invoices for the past year?

It's not a best practice to re-open your periods, but we know that there may be times when you have to update your accounting codes on posted invoices in closed accounting periods. Here is a checklist for you to follow to help update the accounting codes and close out your periods.

  1. Create new accounting codes in the Finance settings > manage chart of accounts.
  2. Assign the new accounting codes to the product catalog rate plan charges for deferred revenue and recognized revenue
  3. Assign the new accounting codes in the Finance settings for payments, payment refund, tax, credit memo, credit balance
  4. Cancel all journal runs for accounting periods to be updated with accounting code changes
  5. Re-open all accounting periods to be updated with accounting code changes
    1. On a per accounting period basis, collect the invoices, payments, IIA’s, CM/DM’s, CBA, etc. which require updating. The revenue detail report has all revenue schedules. The accounting period balances tab, download detail report lists all transactions for the period that lists out the ID, amount, date, etc
  6. On the left hand side menu > Under Finance Section > Click Mass Updater > Use the mass updater tool template to update accounting codes for each accounting period to be updated.
  7. Once completed with Mass updater, For each accounting period, run the trial balance, check the AR forward report in the balances tab and/or the revenue detail report for the accounting code updates, then close the accounting period, create the journal run and repeat for remaining accounting periods.

Knowledge Center article:

https://knowledgecenter.zuora.com/Billing/Finance/Mass_Updater/Update_Accounting_Codes

 

Please let us know if you have any questions.

 

Thank you!

 



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